Jul 12


  • BY: Nati
  • July, 12th, 2013 5:41 +00:00

Chinese Finance Minister, Lou Jiwei, predicts China’s economic growth to come in at 7% for this year. China’s slowdown is proving problematic, as the world’s second largest economy was a driver of global growth and a major consumer of oil and other commodities. India is considering issuing bonds for overseas investors for the first time. The effort to stabilize the Rupee, which hit record lows this month, will be discussed at a meeting this afternoon attended by representatives from a number of international banks. The USD/JPY was trading at 99.03 with a high of 99.32 and a low of 98.67 so far.

The NIKKEI closed at 14506.20 up 33.67 points or 0.23%

European Industrial Production figures and Italian Consumer Price Index are due out today. Greek unemployment has climbed to 26.9% for April, 0.1% from March. Euro Dollar is trading above 1.30 once more, EUR/USD is at 1.3064 with a high of 1.3099 and a low of 1.3059 at time of writing. CABLE is trading at 1.5141 with a high of 1.5188 and a low of 1.5135 so far. The Euro Zone recession continues, with Portuguese political uncertainty amid continued austerity, raising fears for the struggling economic recovery there. Portugal has asked creditors to postpone assessment of the indebted country's accounts from July until the end of August.

The FTSE100 closed at 6543.41 up 38.45 or 0.59% while the DAX closed at 8158.80 up 92.32 points or 1.14%

American Producer Price Index figures will be out today along with the Preliminary Michigan consumer sentiment index. Egyptian unrest and rioting, along with oil reserve figures decreasing led to a surge in the price of oil recently. USOIL was trading at 104.69 dollars per barrel with a high of 104.95 and a low of 104.33 so far. In Canada, the CAD rose to its highest level in three weeks after FED Chairman Ben Bernanke said the U.S. economy still isn’t strong enough to do without monetary stimulus. Bank of Canada is expected to leave interest rates at 1% at a meeting on July 17th. USD/CAD was trading at 1.0363 with a high of 1.0376 and a low of 1.0360 so far.

The DOW closed at 15460.90 up 169.26 points or 1.11%

Have a nice weekend.